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Form 1120-S (Schedule M-3) Florida Hillsborough: What You Should Know

Step 1. Determine your liability for: 1. Dividends and capital gains. See instructions at IRS Form 1120-S.  Step 2. Write a separate line for each category of income. Enter the amount of all income from (a) all sources other than dividends, (b) dividends and other income to the extent the dividends are subject to the 20% limit (paragraph D below), (c) interest, and (d) gain (other than a capital gain). This amount includes interest recognized on the capital account for the taxable year. For a year ending after March 4, 2017, see instructions at Tax Cuts and Jobs Act Release — May 18, 2025 (IRS/IRC Docket No. P-90-1) for a special  1120-S — Calculating Book Income, Schedule M-1 and M-3 line that tells if you need to enter any interest or dividends for that tax year.  You will receive your total net income for the year in column (b) of the chart.  Step 3. Write down the taxable excess for the year. For a corporation, taxable excess should add the total taxable income from any category of income over the maximum amount that the corporation can exclude from gross income in the year. This sum is your net income for the year. Step 4. Enter each category of income you entered in column (c) of column (6) in cell (6) to column (c) of column (5). In a separate line enter a net income of zero (0) or less. See instructions at IRS Form 1120-S. Step 5. Put an asterisk by the taxable excess for the year in column (b) of the chart.  2. Deductions: In a separate line enter the number of itemized deductions as if you filed only one return. Put zero if this was the only itemized deduction for the year. See instructions for IRS Form 1120-S. 3. Interest: Add the interest to the taxable excess of the tax year to get the net interest of the tax year.

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